Golden ADVANTAGE - Bank of Lancaster

Golden ADVANTAGE
passport
Enhance Your Life
The Personal and Financial Benefits
of Sprucing Up Your Home
If you’ve been thinking about giving your home some
updates – and many homeowners who are opting to
stay in their current homes are – now may be a good
time to move forward on home improvement projects.
As the economy and consumer confidence improve,
economists are seeing an increase in residential
renovation.* Hop on over to the home improvement
store and explore the many ways you can do-it-yourself
for satisfying renovations.
Figure Your Financing
Focus on Value
* Source: “Homeowners Stop Waiting to Spruce Up,” The Wall Street
Journal, January 20, 2012.
Giving your home some renovations can increase your
home’s value in two ways:
You and your family can take greater pride in your
home and be more comfortable.
our home may be more attractive to buyers if you
Y
choose to sell down the road.
And you don’t necessarily have to start knocking down
walls! Minor replacements can make a big difference.
According to Remodeling magazine’s most recent Cost
vs. Value Report, replacement projects perform better
in resale value than remodeling projects. For example,
door, siding and window replacements improve curb
appeal right away at a relatively low cost.
Summer 2012 • www.bankoflancaster.com
Whether you’re ready to begin a do-it-yourself project
or eager to talk with home improvement professionals,
Bank of Lancaster’s residential lending department can
help you start off on the right foot with smart financial
decisions. Contact us today at (804) 435-1171 or
1-800-435-1140 to learn about a home equity loan or
line of credit that may be right for you and your
home’s new look.
A Letter
from Your Golden
Advantage Director
Thanks to Ray Bridgers, our AARP 55-Alive volunteer
educator, for many years of dedication. Ray and his wife,
Carolyn, will be relocating to North Carolina. We will miss him!
Dear Friends,
As our banking industry has changed and shifted over the years, the
mission of Golden Advantage has remained the same: To provide
a safe financial institution for our customers’ funds; to provide
extraordinary service and value to our age 55+ community; and to
enhance the Bank of Lancaster banking experience by offering an
exclusive package of bank services plus educational, financial and
travel opportunities to our members.
Our calendar of events is full of a plethora of those above-mentioned
opportunities for you and your guests. Golden Advantage also is
unique in our banking community in partnering with our local
Merchant Sponsors to provide you with many money-saving values.
We have added the new Northumberland County YMCA to our
Merchant Sponsor list and invite you to visit the wonderful facility
and talk with the great staff there. This is a fine facility with an
exciting and diversified list of fun classes to help you stay healthy.
Frank Burke, Bay Trust Company President, gave an
insightful and informative talk about Wills for our second
Brown Bag Lecture. Look for another series in the Fall.
Bank of Lancaster offers many ways to fit your banking needs into
a busy life. Online banking, banking by phone and ATM access can
help you save time for other activities. Give us a call to find out
how we can help keep you up-to-date and free of banking chores.
Have a great summer!
Linda and Doug Adams smiled for the camera during
our Grand Canyon stop in May. Our next BIG trip is the
Romantic Rhine and the Floriade in September.
Theresa Whay Ransone
Golden Advantage Club Director
Theresa Whay Ransone
Golden Advantage Club Director
100 S. Main Street
P.O. Box 1869
Kilmarnock, VA 22482
(804) 435-4118
Toll-free 1-800-435-1140
[email protected]
Author Reeve Lindbergh gave a touching and insightful talk
about her family during the book signing in May at RW-C.
Bay Trust Company joined Golden Advantage to sponsor the
event. L-R Frank Burke, Carol Burke, Reeve Lindbergh and
Theresa Ransone.
2
Summer 2012 • www.bankoflancaster.com
Could a Trust
Help You Reach Your
Estate-Planning Goals?
People who establish Trusts do so for many reasons. It
might be for a loved one suffering from a disability, or
to help their spouse or children by appointing a trusted
financial advisor. One common motive is to preserve
wealth for you, your loved ones or for a charity that is
special to you. Some let you pass property – tax free –
to heirs, some pay you during retirement and others
continue your philanthropic work after you’re gone.
Consider these Trusts to help you reach your goals and
consider Bay Trust Company if you would like to learn
more or need a corporate trustee:
Credit Shelter Trust. Eliminate or reduce the federal
estate taxes your beneficiaries owe. A credit shelter
Trust, best for a married couple whose estate exceeds
the amount exempt from federal estate tax, divides your
and your spouse’s estate into two parts when you die.
One part passes to your spouse without being taxed
because of the marital deduction. The second part is
sheltered and its assets pass to your other beneficiaries
when your spouse dies. Downside: Your spouse is
restricted in how he or she spends Trust assets.
Charitable Remainder Trust. Place an appreciated asset
in a charitable remainder Trust, and the Trust pays one or
more persons (including yourself) for a number of years.
At term’s end, the balance goes to charity. You receive
income for retirement, support your favorite cause and
avoid capital gains taxes. Downside: Because the property
you contributed to the charity is excluded from your
estate, the amount your heirs receive is reduced.
Charitable Lead Trust. Contribute to your favorite
charity first with specified annual payments. Your
beneficiaries receive the asset balance at the end of
the Trust’s term. You help a charity and preserve assets
for your heirs without incurring estate taxes and asset
liquidation costs. Downside: Neither you nor your heirs
get an immediate asset payout.
Qualified Personal Residence Trust. Transfer your
home to a qualified personal residence Trust and
dramatically reduce the cost of passing property to
your heirs. After living in your home for a fixed period
of years, the property is retained in the Trust – or
distributed – for your beneficiaries’ advantage. Because
you resided in the house, the value of your “gift” is
discounted. Beneficiaries pay taxes only on the value of
the gift and not the full value of your home. The entire
value of your residence is removed from your estate if you
live beyond the Trust’s term. Downside: You’ll need other
living arrangements at the end of the occupancy term,
although tax provisions let you lease back the residence.
Grantor Retained Annuity Trust. Contribute assets to
a grantor retained annuity Trust and receive fixed-dollar
annuity payments for a term of years. When the Trust
expires, the balance passes to your heirs, tax free.
Downside: If you die before the end of the annuity term,
the Trust assets are included in your estate and estate-tax
savings are lost.
Disability Trust. Contribute assets to a disability Trust
in a way that preserves benefits that your loved one
may be eligible for through the local, state or federal
government. Passing assets to such a person outside
of Trust may disqualify them from such assistance.
Downside: Laws may change that result in these assets
being included in the assets of the disabled person,
thereby disqualifying them from the assistance they
are receiving.
continued on page 4
Francis “Frank” A. Burke
President and CEO
100 S. Main Street
P.O. Box 1958
Kilmarnock VA 22482
(804) 435-4137
Toll-free 1-888-266-6880
www.baytrust.com
3
Could a Trust Help You Reach Your
Estate-Planning Goals?
continued from page 3
Spendthrift Trust. Contribute assets to a spendthrift Trust
to help ensure that an immature or irresponsible loved
one is not able to spend all of their inheritance before they
gain maturity. Downside: Limits the ability of the loved
one to access the assets – this is often where a corporate
trustee like Bay Trust Company can be most helpful.
Trust Us to Help
A Trust helps avoid probate and may be a way to protect
your family from paying unnecessary estate taxes. It
is a tool to assist you in protecting your spouse and
children from making financial mistakes, or being taken
advantage of. It can provide a method by which you can
give some of your wealth to charity.
It’s also important to understand that current estate tax
rules and rates are scheduled to sunset at the end of
2012 unless new legislation extends them, so you may
need to re-evaluate your estate plan in light of potential
changes. Bay Trust Company’s estate and investment
advisors can assist you in reviewing the options that
best suit your family’s needs and determine whether
a Trust should be part of your estate plan.
Please note that neither this financial institution nor any of its affiliates
give tax or legal advice. Consult your tax advisor regarding your
individual circumstances.
Spectacular South Africa
Perhaps it’s on your bucket list or maybe you have always wanted to go on Safari …
whatever the reason, the opportunity has arrived! Join your fellow Golden
Advantage members as we embark on a special escorted journey to South Africa.
To be held April 11-23, 2013, this extraordinary 12-day cultural voyage begins in
Johannesburg and ends in Cape Town. During the trip, experience Soweto, Kruger
National Park (Safari Game Drive), Port Elizabeth, Kynsna and Stellenbosch.
Some of the special events we will experience are lunch with locals at a Shebeen,
touring Kruger National Park, visits to a local school, a 4 x 4 tour of the rainforest,
an ostrich farm, lunch and tastings at a winery, a cable car to Table Mountain, the
Kirstenbosch Botanical Gardens, the African Gold Museum, the Fairy penguins at
the Cape and too many more to list here.
For an in-depth exploration of this “nature in harmony” trip, join us on Wednesday,
August 22, 2012, at our Kilmarnock Main Branch Office for a presentation by
Collette Vacations Regional Manager Eric White. A special $100 discount is
available. To register for this informational meeting, call or contact Theresa Ransone
at (804) 435-4118, 1-800-435-1140 or via email at [email protected].
Branch Offices:
• Burgess
• Callao
• Colonial Beach
Customer Care Center: (804) 435-1171
• Heathsville
• Kilmarnock Main Office
• Kilmarnock Northside Office
Toll-free: 1-800-435-1140
• Montross
• Warsaw
• White Stone
24-hr ATMs at all offices.
Golden Advantage Email: [email protected]
Website: www.bankoflancaster.com
This publication does not constitute legal, accounting or other professional advice. Although it is intended
to be accurate, neither the publisher nor any other party assumes liability for loss or damage due
to reliance on this material. Images may be from one or more of these sources: ©Thinkstock, ©iStock,
©Fotolia. ©2012 BlueSpire Strategic Marketing | bluespiremarketing.com
2012
Summer
Calendar
July 1
Final Day to Sign Up for St. Michaels and the Eastern
Shore Trip – Final payment is due.
July 10 & 11
AARP 55 Alive Driving Class – Bank of Lancaster
Callao Branch Office. Earn a discount on your auto
insurance for taking this eight-hour class! Cost: $12
AARP members, $14 non-members per person payable
to AARP. Course from 9 a.m. until 1 p.m. each day.
Seating is limited and is by reservation only.
August 11
Experience Spectacular South Africa – Join us at
our Kilmarnock Main Branch Office for an in-depth
exploration of this “nature in harmony” trip by Collette
Vacations Regional Manager Eric White. Register for
this informational meeting by calling (804) 435-4118
or emailing [email protected].
August 26-29
St. Michaels and Maryland’s Eastern Shore – Enjoy
three days/two nights cruising, exploring and savoring
these beautiful locales of our Chesapeake Bay region.
Sure to sell out, call for brochures and reservations.
Reservation deadline is June 20, 2012.
September 5 & 6
AARP 55 Alive Driving Class – Bank of Lancaster
Montross Branch Office. Earn a discount on your auto
insurance for taking this eight-hour class! Cost: $12
AARP members, $14 non-members per person payable
to AARP. Course from 9 a.m. until 1 p.m. each day.
Seating is limited and is by reservation only.
Summer 2012 • www.bankoflancaster.com
September 7
“Suddenly Alone” – What to do and how to cope with
loss. Presented by Bay Trust Company with special
guest speaker Mary Kay Rotert, 10 a.m. at the RW-C
auditorium, Irvington. Free and open to the public.
Call for reservations.
September 16-29
The Romantic Rhine and the Floriade – Cruise the
Rhine River on a 5-star European riverboat from
Lucerne, Switzerland, to Amsterdam and enjoy the
International cultural expo, The Floriade, held every
10 years. Escorted by your Golden Advantage Director.
October 19
GA Night at Lancaster Players, “Kitchen Witches” –
GA members enjoy a special discount for the play.
Call Theresa for reservations.
October 26
Social Security Myths and Long-Term Planning –
Seminar by Dan Pegg with Jefferson Securities. Call
for information.
November 7
The Heart Warming Tony Winner “War Horse” –
A moving WWI story about the love of a boy and a
horse. At its heart are astonishing life-sized puppets that
bring to life galloping, charging horses strong enough
for men to ride. A true Kennedy Center first class
production. Call for a brochure with prices. Reservation
deadline is Monday, September 10, 2012.
November 13 & 14
AARP 55 Alive Driving Class – Bank of Lancaster
Northside Branch Office, Kilmarnock. Earn a discount
on your auto insurance for taking this eight-hour class!
Cost: $12 AARP members, $14 non-members per person
payable to AARP. Course from 9 a.m. until 1 p.m. each
day. Seating is limited and is by reservation only.
December 13-15
The Greenbrier at Christmas Time – Deadline to
register is September 1, 2012. The legendary Greenbrier
Resort will welcome you with holiday cheer and its
finest decorations and traditions. Reservations will sell
out for this trip. Call for a brochure.
GA Merchant Sponsor and Partner
Athena Vineyards & Winery
Foxy In Kilmarnock
Nino’s Italian Pizza Restaurant
www.athenavineyards.com
Wicomico Church (804) 580-5599
Kilmarnock (804) 435-2200
Callao (804) 529-7548
Audiology Offices
Grandma’s Jewelry Box
N N W Auto Supply, Inc.
Colonial Beach (804) 224-4222
Tappahannock (804) 443-1947
Gypsy Charters
Nunnally’s Floors and
Decorating
www.audiologyoffices.com
Kilmarnock (804) 435-0758
Warsaw (800) 555-5923
Mathews (804) 725-5706
Gloucester (804) 695-1199
Bay and River Home Decor
Kilmarnock (804) 436-1900
Belle Mount Vineyards
www.bellemount.com
Warsaw (804) 333-4700
Bob-a-Long Charters
and Tackle
Kilmarnock (804) 435-9785
Burke’s Jewelers
www.bay-gems.com
Kilmarnock (804) 435-1302
C Nails Day Spa
www.gypsycharters.net
Kilmarnock (804) 435-2919
The Highlander Studios
www.nunnallys.com
Warsaw (804) 333-3210
www.thehighlanderstudios.com
Kilmarnock (804) 436-9999
Toll-free 1-866-503-FOTO (3626)
Papa John’s Pizza
Ingleside Plantation Winery
Rappahannock
Communuity College
www.inglesidewinery.com
Oak Grove (804) 224-8687
The Inn at Montross
www.papajohns.com
Colonial Beach (804) 224-4040
www.rcc.vccs.edu/foundation/rill
Warsaw Campus (804) 333-6707
www.theinnatmontross.com
Montross (804) 493-8624
Rappahannock Hang-ups
& Gallery
Jett’s Hardware
www.rappahannockhangups.com
Kilmarnock (804) 435-6669
Reedville (804) 453-5325
Kilmarnock Auto Clinic
Colonial Beach (804) 224-1563
King George (540) 644-0144
www.kilmarnockautoclinic.com
White Stone (804) 435-3542
The Computer Coach
Kilmarnock Inn
www.computercoachco.com
(804) 435-6665
www.kilmarnockinn.com
Kilmarnock (804) 435-0034
Curry and Curry Pottery
Kilmarnock Planing Mill
White Stone (804) 435-2936
Kilmarnock (804) 435-1122
Cutz & Beyond
Merle Norman Cosmetics
Warsaw (804) 333-3435
Kilmarnock (804) 435-7177
Dunn-Rite Auto Sales
Metro Golf Carts
Rappahannock WestminsterCanterbury Irvington
www.embracelifeatrwc.org
(804) 438-4000
Stevie’s Ice Cream
Kilmarnock (804) 435-2252
White Stone Pharmacy
White Stone (804) 435-1051
YMCA
Kilmarnock (804) 435-0223
Northumberland (804) 580-8901­
Warsaw (804) 333-4117­
Kilmarnock (804) 435-2021
Colonial Beach (804) 224-2278
Yours Truly Photography
Randy’s Dunn-Rite Automotive
NAPA – Service Auto Parts
www.yourstrulyphotography.com
Kilmarnock (804) 436-0200
Kilmarnock (804) 435-0911
Burgess (804) 453-4444
Kilmarnock (804) 435-3121
Toll-free 1-800-866-3089
Fashion Focus Optical
Neptune Custom Carts
Kilmarnock (804) 435-1366
Kilmarnock (804) 435-3540
Warsaw (804) 333-4117­
Present Your Card before Your Purchase to Maximize
Your Exclusive Savings with These Merchants
Member
Member’s Signature
Remember, your Golden Advantage Club member card is your gateway to savings with our
exclusive Merchant Sponsors. You will need your card to identify yourself to each Merchant.
For discount information, visit our website, www.bankoflancaster.com, or stop by your convenient
Bank of Lancaster Branch Office. Can’t find your card? Call Theresa Ransone for a replacement
at (804) 435-1171 or toll-free at 1-800-435-1140.
Summer 2012 • www.bankoflancaster.com